5 Business Tips for New Entrepreneurs in 2020

5 Points to Consider Before Starting

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Start a business illustration

It’s 2020 and you are itching to be an entrepreneur. But even without the pandemic, starting your first business venture is not going to be easy.  Let’s take a look at the list of simple techniques from domyhomework123.com experts.

1. Choose something you love

It’s true that if you love what you do, you won’t think of it as work.  Many new entrepreneurs start something only because of the money.  Although it might succeed at first, eventually, the daily grind will get to you as your heart is not into it.

If you want to see your business truly grow, offer a product or service that really excites you.  Not only will you want to work every day, you’ll have that initiative to keep learning more about what you do, giving you the edge over competitors.

2. Find your niche

Even if you love what you do, you can’t offer everything (at least not at the start). You must figure out what market you want to cater to. Not only can this direct your creative focus, it can also save you money in terms of inventory, equipment, and personnel.

But be careful about that niche.  If you only offer seasonal items such as Halloween décor or cater to very specialized clientele, you might find it difficult to pay your rent every month. Think about what can be offered year-round or consider what else you can supply at other times of the year.

3.  Figure out what will make you different

New businesses are always entering the playing field, but not all of them survive the first year.  If you want to thrive, you need to figure out what will make you different.

This doesn’t have to be something entirely new.  It can be something simple that other businesses haven’t figured out.  For example, if the closest competitor opens at 9am, yours can be the one serving coffee or selling supplies at 7am.  If you can fill a need that others can’t, then expect customers to line up.

4. Consider how you’ll satisfy customers

Many new entrepreneurs just focus on their product or service and decorating the office.  But they fail to consider the entire customer experience. And in these times, one bad review could seriously hurt your business. Try making things convenient for your customers as possible. Apart from improving your products or services, adding an optimized checkout page to your online store and creating other security features will bring a satisfying experience for your customers. 

Before hiring personnel, you need to think about how you can make your business customer-friendly.  This includes how employees interact with customers, how emails and texts are answered, and how you deal with complaints.

5. Plan for your employees

It’s difficult to find good help.  If you want to have motivated employees that are willing to stay, make sure that there are real strategies to meet their needs.  It’s not just about the salary.  Employee incentives, skills training, and chances for promotion are other things that employees value.

And as the boss, you need to ensure your employees feel appreciated.  This means being prepared to say something nice every day and taking the initiative to really know them.  All of these should be considered before even hiring the first employee.

Summary

Though daunting at the start, your business can succeed. But you must dedicate some serious time to first planning what you need to do so that you don’t end up as a sad business statistic.